Government

The Museum of the Future has announced the extension of its strategic partnership with Dubai Municipality, reinforcing its commitment to shaping a prosperous future for Dubai and solidifying the city’s global standing as a hub for innovators and futurists. Building on the success of their initial partnership established in September 2022, the renewed collaboration between the Museum of the Future and Dubai Municipality will focus on the continued development, implementation, and facilitation of emerging technologies in key sectors. These sectors include smart cities, urban planning, sustainable construction, agricultural technology, and food security. A significant aspect of this ongoing partnership is the continuation of the museum’s ‘Tomorrow Today’ exhibition, a collaborative effort with Dubai Municipality. The exhibition explores diverse ways in which technology can offer potential solutions to global, societal, and environmental challenges. ‘Tomorrow, Today’ showcases concepts, prototypes, and next-generation technology in areas such as agriculture, waste management, the environment, food security, and city planning. His Excellency Khalfan Belhoul, CEO of Dubai Future Foundation, highlighted the partnership’s swift progress in advancing smart cities, urban planning, and sustainable city design. The collaboration aims to enable organizations to leverage advanced technology and innovative practices for the benefit of humanity. Over the past 12 months, the Museum of the Future and Dubai Municipality have jointly organized various events alongside other partners, inspiring future creative thinkers to contribute to the development of new solutions for a brighter tomorrow. In a recent collaboration, the museum and Dubai Municipality distributed 2071 Ghaf trees to visitors during the 52nd UAE National Day weekend, aligning with a commitment to a more sustainable future. This event was especially significant during the UAE’s Year of Sustainability and the United Nations Climate Change Conference (COP28) held at Dubai Expo City.

With the commencement of the 2023/24 cruise season, the Ports, Customs, and Free Zone Corporation (PCFC) in Dubai are actively working to ensure the seamless arrival and departure of cruise ships at Dubai ports. The PCFC, through its various departments, aims to solidify Dubai’s status as a prominent global tourist destination and a distinctive cruise tourism hub by prioritizing the comfort and safety of both ship passengers and crews. His Excellency Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation, highlighted the pivotal role played by PCFC in collaboration with relevant authorities to facilitate cruise vessel traffic in Dubai waters. The emphasis is on maintaining stringent yet flexible security and safety frameworks. During the ongoing cruise season, where up to 150 ships are expected to visit Dubai, the Security Department of the PCFC is actively involved in facilitating the movement of ships, ensuring the safety and security of visitors and crews. The department’s responsibilities vary based on the categorization of ships, whether commercial or tourist vessels, requiring the implementation of specific security requirements and measures tailored to each port. Bin Sulayem stressed the PCFC’s commitment to implementing a comprehensive and integrated security system aligned with the International Ship and Port Facility Security (ISPS) Code to ensure compliance with regulations for everyone on board vessels. He also highlighted the role of the Environment, Health, and Safety Department (EHS) under the Department of Planning and Development – Trakhees. The EHS Department conducts inspections on cruise ships arriving in Dubai, verifying compliance with safety requirements, equipment standards, ballast water, and other environmental and health standards to protect the marine environment and the Emirate of Dubai from potential pollution or health risks. Expressing gratitude for the efforts of the Security and EHS Departments, Bin Sulayem emphasized their contribution to making Dubai a leading and safe destination in the region. The efforts align with the Dubai Economic Agenda (D33) and Dubai’s goals of positioning itself among the top three urban economies globally. In recognition of the Security Department’s supervision of vessels passing through Dubai and ensuring port security, an honoring ceremony was organized on board the Resilient Lady cruise ship. This event, attended by key officials and stakeholders, celebrated the Department’s efforts with trophies exchanged between the ship’s captain and representatives of the PCFC Security Department. Additionally, Dubai recently welcomed the Kuwaiti research ship, “Al Mostakshif,” affiliated with the Kuwaiti Institute for Scientific Research (KISR). The ship, specializing in marine life studies and scientific research projects, arrived in Dubai to participate in the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28). The Trakhees Department’s Environment, Health, and Safety Department played a crucial role in verifying the ship and crew certificates, inspecting shipping and communication devices, and ensuring compliance with environmental standards and regulations, including gas emissions and ballast water checks.

The Dubai Press Club (DPC), in collaboration with Dolby Laboratories, recently conducted a workshop titled ‘Immersive Podcasting in Dolby Atmos.’ This initiative, part of DPC’s commitment to promoting podcasting in the Middle East and North Africa (MENA) region, aimed to enhance the capabilities of podcast creators in delivering immersive audio storytelling experiences for their audiences. Dolby Laboratories has been actively collaborating with podcast creators across various genres, enabling them to leverage Dolby Atmos technology to enrich their storytelling. Leading audio-first content providers worldwide have embraced Dolby Atmos for creating podcasts, spoken word narratives, and audiobooks. Anghami, a prominent regional service in MENA, has been delivering Dolby Atmos Music and podcasts on its platform for paid subscribers since 2021, consistently providing premium content. Dolby Atmos, known for its three-dimensional sound placement and movement capabilities, brings a higher level of detail, clarity, and depth to the listening experience. By allowing precise positioning of sounds, it enhances realism across different genres, enabling audiences to vividly visualize scenes through audio cues alone. Dr. Maitha bint Issa Buhumaid, Director of Dubai Press Club and Director of Strategic Media Affairs at the Government of Dubai Media Office (GDMO), emphasized the significance of such workshops in helping podcasters create more compelling experiences. She highlighted the commitment of Dubai Press Club to nurture the expertise of audio storytellers and empower emerging talents in the Arabic podcasting realm. Dr. Buhumaid also reiterated the club’s dedication to organizing training workshops throughout the year to elevate excellence in the region’s podcasting industry, reinforcing Dubai’s role as a media hub. Karan Grover, Senior Director India, Middle East and Africa (IMEA) at Dolby, expressed excitement about the transformative journey with the Dubai Press Club, aiming to empower podcasters in the MENA region. The collaboration seeks to illuminate and elevate the storytelling experience, enabling creators to craft immersive narratives that resonate across dimensions, enriching the auditory landscape for audiences worldwide. The workshop guided participants through various stages of the podcast creation process, emphasizing criteria for connecting successfully with audiences through acoustic experiences using Dolby Atmos. Topics included key factors contributing to the success of a voice and other aspects crucial for creating a remarkable listening experience.

The UAE Central Bank (CBUAE) has reported that despite the prevailing global uncertainty and stringent monetary conditions worldwide, the real estate sector in the UAE has sustained positive performance from July to October 2023. As outlined in its quarterly economic review for 2023, the Central Bank highlighted that residential transactions in Abu Dhabi experienced a substantial year-on-year increase of 56 percent, reaching AED 67.8 billion in the first nine months of 2023. According to REIDIN, the average sales price of residential properties in Abu Dhabi exhibited a 3.2 percent growth in Q3, 2023, compared to the corresponding period the previous year. In October 2023, the growth in sales prices accelerated to 3.9 percent year-on-year. The average rent continued its upward trajectory, with a year-on-year increase of 0.8 percent in the third quarter and 2.6 percent in October 2023, following a 0.5 percent year-on-year increase in Q2 2023. Consequently, the average rental yield stood at 6.2 percent in Q3 2023, remaining relatively steady compared to the 6.3 percent recorded in October. The report further noted, based on Dubai Land Department (DLD) data, that the value of real estate transactions in Dubai surged by 37 percent year-on-year, surpassing AED 500 billion in the first 10 months of the year. The volume of transactions during the initial three quarters increased by 36 percent year-on-year, totaling more than 116,000 transactions. The number of new investors in Dubai’s real estate market increased by 15 percent year-on-year in the first three quarters of 2023 compared to the same period in 2022. The average residential property sale price in Dubai saw a marginal year-on-year increase of 0.3 percent in Q3 2023. Meanwhile, average rent increased by 12 percent year-on-year in Q3 2023, slowing to 5.7 percent year-on-year in October. This resulted in an average rental yield of 8.8 percent in Q3 2023, maintaining stability compared to the 8.7 percent recorded in October. Regarding tourism and hospitality, the report highlighted the initiation of the National Tourism Strategy 2031 in the UAE as part of the “Projects of the 50,” with the goal of becoming a top global tourism destination by 2031. The plan aims to increase the tourism sector’s contribution to GDP by AED 450 billion, attract investments worth AED 100 billion, and host 40 million hotel guests annually by 2031. In the first eight months of 2023, Abu Dhabi’s hospitality sector exhibited robust performance, with the total number of hotel guests reaching 3.2 million, a 31 percent increase compared to the previous year. Hotel occupancy rates stood at 70 percent, with guests staying an average of 2.6 nights. The CBUAE report highlighted that the data for the first three quarters of 2023 indicates Dubai’s continued prominence as a global tourism hub. Hotel occupancy increased to 75.7 percent, showing a 4.9 percentage point rise from the same period in 2022 and surpassing 2019 figures by 2.3 percentage points. Although the average stay per guest decreased from 4 to 3.7 nights, the total number of occupied room nights saw a year-on-year increase of 13 percent in 2023, reaching 30.4 million nights, a 32 percent growth from 2019. Additionally, Abu Dhabi International Airport experienced a significant surge in passenger traffic, reaching almost 6 million passengers in Q3 2023, a 29.3 percent year-on-year increase. The airport also recorded 37,903 aircraft movements in Q3 2023, a 21.8 percent increase from Q3 2022. Abu Dhabi’s global connectivity expanded with 119 destinations accessible via 24 airlines from the airport in the third quarter of 2023, with the most frequented routes being to London, Mumbai, and Kochi. Furthermore, the opening of Terminal A in November 2023 is anticipated to significantly enhance the airport’s overall capacity. Dubai Airports has revised its 2023 forecast, expecting 86.8 million passengers, an increase from the previously anticipated 85 million. This adjustment indicates that Dubai International Airport is poised to surpass its pre-pandemic passenger traffic of 86.3 million in 2019. In the first three quarters of the year, the airport managed 64.5 million passengers, with a notable 22.9 million recorded in Q3, reflecting a 39.3 percent increase from the same period in 2022 and a 1 percent increase from 2019 during peak summer travel.

The Ministry of Economy conducted a briefing session where it examined key updates pertaining to the advancement of the anti-money laundering and counter-financing of terrorism system (AML/CFT) in the nation. Specifically, the focus was on Cabinet Decision No. 109 of 2023 concerning the organization of real beneficiary procedures. Another noteworthy development is the Cabinet Decision on administrative sanctions for violations of the provisions outlined in Cabinet Decision No. 109 of 2023. The aim is to bolster the competitiveness of the national business environment and reinforce the UAE’s economic standing on both regional and global scales. Undersecretary of the Ministry of Economy, Abdullah Ahmed Al Saleh, emphasized the significance of refining real beneficiary procedures within the UAE’s AML/CFT framework. He highlighted that these recent resolutions mark a crucial step forward in supporting the country’s endeavors to combat suspicious financial activities. This initiative aligns with the Ministry’s strategic objectives and adheres to global standards set by the Financial Action Task Force (FATF). Al Saleh underscored that these resolutions constitute a valuable addition to existing AML legislation, particularly in the regulation of real beneficiary procedures. The updates aim to enhance the collection, evaluation, and registration of real beneficiary data for all private sector enterprises in the country, including those in commercial-free zones, in collaboration with relevant local licensing entities. The amendments introduce novel mechanisms for registration authorities in the country, specifying the procedures for registrars and legal entities to establish a minimal regulatory framework for real beneficiary procedures in alignment with licensing, registration, partner, or shareholder registry procedures. These changes seek to achieve the highest levels of compliance, fortifying the UAE’s economic position. They also encompass the development of efficient and sustainable operational and regulatory mechanisms to oversee the real beneficiary procedures of all registered companies, conforming to international transparency standards. The Ministry stressed that these amendments better support the regulation of real beneficiary procedures, fostering partnerships through consolidated procedures within a unified national system involving all registrars. Semi-annual performance reports are to be submitted, reinforcing coordination, and providing indications of registrar compliance with the resolution’s provisions. Cabinet Resolution No.109 emphasizes regulating access to real beneficiaries in complex structures, establishing grievance standards and controls, and obliging registrars to adopt a risk-based approach. This includes identifying risks, policies, and measures to reduce risk through simplified or enhanced due diligence requirements, facilitating the reporting of suspicious transactions to the Financial Information Unit. The amendments also incorporate clauses on the organization of real beneficiary procedures, defining nominal members and complex structures to prevent the concealment of the identity of the natural person controlling a legal entity. The resolution outlines five steps to identify the real beneficial owner, incorporating a risk-based approach, tracing through legal persons or arrangements, considering joint ownership or control, determining the natural person who controls the legal entity, and designating the senior management officer as the ultimate beneficial owner. Nominee board members are assigned specific duties, such as informing the legal person of their status and providing required data, notifying of any changes, and reporting cessation of their role within a specified timeframe. The decision underscores the necessity of applying a certified risk management-based approach to registered enterprises, ensuring they are not exploited for money laundering or terrorism financing. This involves classifying, assessing, addressing, and mitigating potential risks through risk assessment, verification, and monitoring. Additionally, the resolution addresses the establishment of a Registrar’s AML/CFT unit responsible for implementing anti-money laundering and counter-terrorism financing policies, procedures, and requirements. This unit will provide real-time reports and updates to the Ministry. The Cabinet Decision on administrative sanctions outlines penalties for violations, ranging from warnings to financial penalties and license suspensions, emphasizing the Ministry’s commitment to fortifying the national AML/CFT system. The Ministry aims to raise awareness and compliance levels among companies to solidify the UAE’s position as a global economic hub.